Home/Mortgages/Home Sales Improve in Minnesota But Pace Slows

August 1, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums improved in Minnesota during June but slowed considerable following May’s 30 percent jump in sales according to the latest housing data from the Minnesota Association of Realtors® (MAR).

An estimated total of 8,873 existing single-family homes and condos were sold in the North Star State in June. That was 5.0 percent higher than the 8,449 homes sold in May and 5.1 percent higher than the 8,442 homes sold in June 2011. It was the 12th consecutive month that home sales improved year-over-year.

The median sales price for an existing home in Minnesota increased by 6.6 percent in June to $159,900, up from $150,000 in May, and was 10.4 percent higher than the median price of $144,900 in June of last year.

Of the 13 regions that provide data for the monthly report, seven of the regions reported gains in home sales over the previous year with the East Central Region (+33.9 percent) reporting the largest increase while the Upper Minnesota Valley Region (-42.0 percent) posted the largest monthly decline in sales.

The Twin Cities County Region recorded the most sales for the month with an estimated 4,430 home sales, up from 4,111 the previous month, while the Southeast Region followed with an estimated 1,163 home sales for the month, up from 1,089 in May.

Year-over-year, all 13 regions posted an increase in their median prices led by the Upper Minnesota Valley Region (+23.0 percent) followed by the West Central Region (+21.2 percent).

The total number of homes for sale was virtually unchanged from May with 51,019 homes actively available for purchase in June, up slightly from 50,928 in May.

Despite the higher amount of sales, the slight increase in inventory left the state with an average 7.2 months supply of homes available for purchase, unchanged from May.

Homes in Minnesota took an average of 94 days to sell in June, down from 102 days in May.

Tags: existing homes, condos, sales, median home prices, Minnesota